A savvy cryptocurrency analyst, known only by his online persona, ‘Bluntz’, has again entered the spotlight after accurately predicting the 2018 market bottom. His foresight is now trained on Solana, an up-and-coming cryptocurrency, with a prediction for its pricing trajectory. He anticipates that Solana will reach its price nadir, before moving upward to surpass the $200 mark.
Last Wednesday, Bluntz dropped hints of a potential floor for Solana prices. He had previously predicted a bottom of $160, or possibly lower, in a forecast dated April 4. Revising his figure, Bluntz’s latest post argues that Solana’s next low will be $162.
His analysis postulates that Solana is headed for a possible bullish rebound, preparing to ascend from its $162 doldrums. Through a myriad of price trajectory charts ranging from March through April 2024, Bluntz related his prediction to the Elliot Wave Theory, a form of technical analysis.
The Elliot wave theory is a somewhat arcane tool for the nuanced analyst, one that predicts price trends through the careful inspection and identification of recurring, long-term price patterns. Such patterns are intimately tied to persistent shifts in investor sentiment and the uncharted territory of market psychology.
In Bluntz’s earlier posts, he shared a prophetic price chart, suggesting that Solana’s next move after hitting its predicted nadir will be a rise to $224. The sage even predicted a timeline for this substantial upswing. If Bluntz’s musings hold true, we could witness Solana making a robust leap to $224 before April 22.
Contrarily, Solana’s fortune appears to be in a steep decline presently. Over the past few weeks, Solana’s value has been spiraling downward, suffering double-digit losses. At time of writing, the beleaguered cryptocurrency is trading at $151.15, recording a 12.32% decrease in the last 24 hours and a 13.93% plummet over the past week, by CoinMarketCap’s account.
This slide in fortune is linked to Solana’s network experiencing what can be best described as ‘traffic jams’. Ironically, earlier this April, Solana fell prey to a network outage causing a failure of about 75% of transactions. The upheaval in the operation of its blockchain has sprinkled seeds of doubt amongst investors and agitated the expansive crypto community.
The repercussions of the technical hitch were devastating, the value of Solane plummeted significantly and has been on a downward trend since. Despite earmarking April 15 for network troubleshooting and repair, there’s been no appreciable response from the cryptocurrency’s value to the efforts.
The significant point to ponder is that Solana’s current price has slumped lower than the bottom of $162 that Bluntz previously predicted. The forecasted bullish rebound for the cryptocurrency finds itself shrouded in uncertainty, as questions are mounting over the network’s ability to handle substantial transaction volumes.
Please note that the predictions and analyses offered in this piece are expressly for learning and reference. They do not mirror the views of NewsBTC regarding the buying, selling or holding of investments. Investment strategies are inherently risky activities. It is always recommended to carry out your individual research before taking any investment decisions. The onus of using the information provided here is solely yours.
